Mercedes announces Petronas contract extension

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Mercedes has debunked Eddie Jordan's theory that it is planning to pull out of the sport at the end of next year by revealing it has signed a contract extension with title sponsor Petronas.

Jordan has twice gone on the record saying the Mercedes' board is planning to exit the sport at the end of 2018, claiming two of its big commercial contracts with major sponsors Petronas and UBS are due expire at the same time. However, on Saturday at Silverstone, Mercedes revealed a multi-year contract extension had been signed at the end of last year that has pushed the Petronas deal beyond the end of 2018.

"There is a renewed vitality and a new level of energy in the sport this year," Petronas president Datuk Wan Zulkiflee Wan Ariffin said. "With new rules and regulations for this year, and many new things for the fans, the sport is increasing in terms of audience and that's great. And for all of us at Petronas, we know that the technical contribution will be even more important this year because of the stiff competition from our rivals."

Petronas has been the title sponsor of Mercedes since the German manufacturer returned to the sport in 2010. Its close work with the team during the hybrid era has been credited as a key factor to the team's dominance between 2014 and 2016 and continued power advantage over its rivals in F1.

Mercedes has a contract to remain in Formula One until the end of 2020.